Rivian Automotive, Inc. (NASDAQ:RIVN) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its position in shares of Rivian Automotive, Inc. (NASDAQ:RIVN) by 12.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,440 shares of the electric vehicle automaker’s stock after selling 7,780 shares during the period. Principal Financial Group Inc.’s holdings in Rivian Automotive were worth $600,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. Wilmington Savings Fund Society FSB acquired a new stake in shares of Rivian Automotive during the third quarter valued at about $28,000. GHP Investment Advisors Inc. increased its stake in Rivian Automotive by 63.2% during the third quarter. GHP Investment Advisors Inc. now owns 2,588 shares of the electric vehicle automaker’s stock worth $29,000 after purchasing an additional 1,002 shares during the period. American Capital Advisory LLC lifted its position in shares of Rivian Automotive by 267.6% during the third quarter. American Capital Advisory LLC now owns 2,900 shares of the electric vehicle automaker’s stock worth $33,000 after purchasing an additional 2,111 shares in the last quarter. Hantz Financial Services Inc. grew its stake in shares of Rivian Automotive by 2,636.4% in the third quarter. Hantz Financial Services Inc. now owns 3,010 shares of the electric vehicle automaker’s stock worth $34,000 after acquiring an additional 2,900 shares in the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Rivian Automotive during the third quarter worth approximately $44,000. Hedge funds and other institutional investors own 66.25% of the company’s stock.

Insider Activity at Rivian Automotive

In related news, CEO Robert J. Scaringe sold 83,334 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $11.25, for a total value of $937,507.50. Following the sale, the chief executive officer now owns 863,361 shares of the company’s stock, valued at approximately $9,712,811.25. This trade represents a 8.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Claire Mcdonough sold 8,097 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $12.20, for a total value of $98,783.40. Following the transaction, the chief financial officer now owns 370,401 shares of the company’s stock, valued at $4,518,892.20. This represents a 2.14 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 256,000 shares of company stock valued at $3,312,443. Corporate insiders own 2.51% of the company’s stock.

Analysts Set New Price Targets

RIVN has been the subject of several research analyst reports. Wells Fargo & Company dropped their price objective on Rivian Automotive from $15.00 to $11.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Barclays decreased their price objective on shares of Rivian Automotive from $16.00 to $13.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 15th. Benchmark started coverage on shares of Rivian Automotive in a research report on Monday, December 9th. They set a “buy” rating and a $18.00 target price for the company. Morgan Stanley lowered shares of Rivian Automotive from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $16.00 to $13.00 in a report on Wednesday, September 25th. Finally, The Goldman Sachs Group lifted their price target on Rivian Automotive from $10.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday, November 14th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $15.74.

Rivian Automotive Trading Up 24.5 %

Shares of NASDAQ RIVN opened at $16.49 on Monday. The stock has a market capitalization of $16.83 billion, a P/E ratio of -2.94 and a beta of 2.12. The stock’s 50 day moving average price is $12.18 and its two-hundred day moving average price is $12.95. The company has a quick ratio of 3.70, a current ratio of 5.09 and a debt-to-equity ratio of 0.93. Rivian Automotive, Inc. has a 52-week low of $8.26 and a 52-week high of $20.30.

Rivian Automotive Profile

Rivian Automotive, Inc, together with its subsidiaries, designs, develops, manufactures, and sells electric vehicles and accessories. The company offers consumer vehicles, including a two-row, five-passenger pickup truck under the R1T brand, a three-row, seven-passenger sport utility vehicle under the R1S name.